AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON April 14, 2014

REGISTRATION NOS. 333 -122901

811 -21719

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[ ]

PRE-EFFECTIVE AMENDMENT NO.

[ ]

POST-EFFECTIVE AMENDMENT NO. 501

[X]

AND/OR

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

[ ]

AMENDMENTNO. 514

[X]

INVESTMENT MANAGERS SERIES TRUST

(Exact Name of Registrant as Specified in Charter)

803 West Michigan Street

Milwaukee, WI 53233

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, Including Area Code: (414) 299-2295

Constance Dye Shannon

UMB Fund Services, Inc.

803 West Michigan Street

Milwaukee, WI 53233

(Name and Address of Agent for Service)

COPIES TO:

Michael Glazer

Bingham McCutchen LLP

355 South Grand Avenue, Suite 4400

Los Angeles, CA 90071-3106

It is proposed that this filing will become effective (check appropriate box):

[X]

immediately upon filing pursuant to paragraph (b) of Rule 485; or

[ ]

on _________, pursuant to paragraph (b) of Rule 485; or

[ ]

60 days after filing pursuant to paragraph (a)(1) of Rule 485;

[ ]

on _________ pursuant to paragraph (a)(1) of Rule 485; or

[ ]

75 days after filing pursuant to paragraph (a)(2) of Rule 485; or

[ ]

on _________ pursuant to paragraph (a)(2) of Rule 485; or

[ ]

on _________ pursuant to paragraph (a)(3) of Rule 485.

If appropriate, check the following box:

[ ]

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Milwaukee and State of Wisconsin, on the 14th day of April, 2014.

INVESTMENT MANAGERS SERIES TRUST

By:

/s/ John P. Zader

John P. Zader, President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed on the 14th day of April, 2014, by the following persons in the capacities set forth below.

Signature

Title

†

Ashley Toomey Rabun

Trustee

†

William H. Young

Trustee

†

Charles H. Miller

Trustee

/s/ John P. Zader

John P. Zader

Trustee and President

†

Eric M. Banhazl

/s/ Rita Dam

Trustee and Vice President

Rita Dam

Treasurer and Principal Financial and Accounting Officer

† By

/s/Rita Dam

Attorney-in-fact, pursuant to power of attorney previously filed

with Post-Effective Amendment No. 31 on February 1, 2008.

EXHIBIT INDEX

Exhibit

Exhibit No.

XBRL Instance Document

EX-101.INS

XBRL Taxonomy Extension Schema Document

EX-101.SCH

XBRL Taxonomy Extension Calculation Linkbase

EX-101.CAL

XBRL Taxonomy Extension Definition Linkbase

EX-101.DEF

XBRL Taxonomy Extension Labels Linkbase

EX-101.LAB

XBRL Taxonomy Extension Presentation Linkbase

EX-101.PRE

EX-101.INS
3
ccmlp-20140401.xml
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You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Shares of the Fund. More information about these fees and other discounts is available from your financial professional and in the section titled &ldquo;Reduced Sales Charges &ndash; A Shares&rdquo; on page xx of this Prospectus.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Shareholder Fees </b><i>(fees paid directly from your investment)</i></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Annual Total Return for Class A Shares</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">For each calendar year at NAV</p><div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact ccmlp_S000030789Member ~ </div>0.05750.0120.0015.0015.0000.0120.0015.0015.000020.0015.0015.00<div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact ccmlp_S000030789Member ~ </div>0.010.00250.00210.00040.00170.07550.09010.00030.09040.010.010.00210.00040.00170.07280.09490.00030.09520.0100.00210.00040.00170.07650.08860.00030.0889<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Example</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, and that the Fund&rsquo;s operating expenses remain the same.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">You would pay the following expenses if you did not redeem your shares:</p><div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact ccmlp_S000030789Member ~ </div><div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact ccmlp_S000030789Member ~ </div>147829754417754614782975441775461026266242427611930266242427611872251040247326872251040247326<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Portfolio Turnover</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &ldquo;turns over&rdquo; its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&rsquo;s performance. During the most recent fiscal year, the Fund&rsquo;s portfolio turnover rate was 9% of the average value of its portfolio.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Principal Investment Strategies</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Under normal circumstances, the Fund will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in common units of master limited partnerships (&ldquo;MLPs&rdquo;) and equity securities of &ldquo;MLP affiliates&rdquo; which the Fund&rsquo;s sub-advisor defines as entities issuing MLP I-shares, general partners of MLPs and other entities that may own interests of MLPs (collectively, &ldquo;MLP Positions&rdquo;). While the number of its holdings may vary based upon market conditions and other factors, the Fund intends to invest in a focused portfolio of approximately 15 to 25 high quality MLP Positions which the Fund&rsquo;s sub-advisor believes will have strong risk adjusted returns and stable and growing cash distributions. The Fund will concentrate (i.e., invest more than 25% of its net assets) in securities of companies in the energy industry, and the Fund intends to make the majority of its investments in &ldquo;midstream&rdquo; MLPs. Midstream MLPs are generally engaged in the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of natural gas, natural gas liquids, crude oil, refined products or coal. The Fund may invest in securities of MLPs and other issuers that have smaller capitalizations than issuers whose securities are included in major benchmark indices.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s sub-advisor, Center Coast Capital Advisors, LP (&ldquo;Center Coast&rdquo; or the &ldquo;Sub-Advisor&rdquo;), seeks to identify a portfolio of high quality MLPs. In managing the Fund&rsquo;s assets the Sub-Advisor uses a disciplined investment process focused on due diligence from the perspective of an MLP owner, operator and acquirer.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; The Sub-Advisor first establishes a universe of high quality MLPs (i.e., MLPs with strong risk adjusted returns and stable and growing cash distributions) utilizing a proprietary multifactor model, and then strategically weights those companies using financial and valuation analysis centered on quantitative factors including cash flow, yield and relative valuation to establish a valuation target. </p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Next the Sub-Advisor evaluates asset quality, considering factors such as contract structure, operating risk, competitive environment and growth potential. The Sub-Advisor also assesses management quality, drawing on its previous experience with many of the MLPs&rsquo; management teams to evaluate their financial discipline, level of general partner support, operational expertise, strength of their business plans and ability to execute those plans. The Sub-Advisor also includes in the diligence process an assessment of the trading dynamics of the securities issued by the MLPs, including liquidity, identification of fund flow from institutional investors with large holdings in the MLPs, equity overhang (i.e., the difference between funds raised and funds invested) and float (i.e., the number of a company&rsquo;s shares issued and available to be traded by the general public).</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; The Sub-Advisor then ranks, weights and invests in MLPs based on the Sub-Advisor&rsquo;s assessment of the durability of their cash flows, relative market valuation and growth potential.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">The Sub-Advisor will sell an investment if it determines that the characteristics that resulted in the original purchase decision have changed materially, the investment is no longer earning a return commensurate with its risk or other investments with more attractive valuations and return characteristics are identified.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">The Fund will not be managed to meet the pass-through requirements of Sub-chapter M of the U.S. Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), which would restrict the Fund&rsquo;s ability to fully invest in MLPs. As a result, unlike traditional open-end mutual funds, the Fund generally will be subject to U.S. federal income tax on its taxable income at the graduated tax rates applicable to corporations (currently a maximum rate of 35%) and will be subject to state and local income tax by reason of its investments in equity securities of MLPs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:justify">The Fund&rsquo;s dividend distribution policy is intended to provide monthly distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the MLPs in which it invests , without offset for the expenses of the Fund. The amount of the Fund&rsquo;s distributions is based on, among other considerations, distributions the Fund actually receives from portfolio investments, including returns of capital, and estimated future cash flows. Because the Fund&rsquo;s distribution policy takes into consideration estimated future cash flows from its underlying holdings, and to permit the Fund to maintain a stable distribution rate, the Fund&rsquo;s distributions may exceed or be below the amount the Fund actually receives from its portfolio investments. Additionally, since the Fund&rsquo;s distribution rate is not derived from the Fund&rsquo;s investment income or loss, the Fund&rsquo;s distributions may not represent yield or investment return on the Fund&rsquo;s portfolio. To the extent that the distributions paid exceed the distributions the Fund has received, the distributions will reduce the Fund&rsquo;s net assets. Consequently, the Fund may maintain cash reserves, borrow or may be required to sell certain investments at times when it would not otherwise be desirable to do so in order to pay the expenses of the Fund. The Fund is not required to make such distributions and, as a result, the Fund could in the future decide not to make such distributions or not to make distributions at a rate that over time is similar to the distribution rate that it receives from the MLPs in which it invests. Furthermore, unlike the MLPs in which it invests, the Fund is not a pass through entity. Consequently, the tax characterization of the distributions paid by the Fund, as dividend income or return of capital, may differ greatly from those of the underlying MLPs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><i><b>Master Limited Partnerships</b></i></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">An MLP is an entity receiving partnership taxation treatment under the Code, the partnership interests or &ldquo;units&rdquo; of which are traded on securities exchanges like shares of corporate stock. To qualify as a master limited partnership, a publicly traded entity must receive at least 90% of its income from qualifying sources as set forth in the Code. These qualifying sources include, among others, income and gain from certain mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Additional information on MLPs and MLP I-shares (&ldquo;I-Shares&rdquo;), which represent ownership interests issued by MLP affiliates, can be found in the section entitled &ldquo;More About the Fund&rsquo;s Investment Strategies and Risks.&rdquo;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Principal Risks of Investing</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Risk is inherent in all investing. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Risks of Investing in MLP Units.</b> </i>An investment in MLP units involves additional risks from a similar investment in equity securities, such as common stock, of a corporation. As compared to common shareholders of a corporation, holders of MLP units have more limited control and limited rights to vote on matters affecting the partnership. Additional risks inherent to investments in MLP units include cash flow risk, tax risk, risk associated with a potential conflict of interest between unit holders and the MLP&rsquo;s general partner, and capital markets risk.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Energy Industry Concentration Risks.</b></i> A substantial portion of the MLPs in which the Fund invests are engaged primarily in the energy industry. As a result, the Fund will be concentrated in the energy industry, and will therefore be susceptible to adverse economic, environmental or regulatory occurrences affecting the energy industry. Risks associated with investments in MLPs and other companies operating in the energy industry include but are not limited to the following:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Commodity Risk. MLPs and other companies operating in the energy industry may be affected by fluctuations in the prices of energy commodities. Fluctuations in energy commodity prices would directly impact companies that own such energy commodities and could indirectly impact MLP companies that engage in transportation, storage, processing, distribution or marketing of such energy commodities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Supply and Demand Risk. MLPs and other companies operating in the energy industry may be impacted by the levels of supply and demand for energy commodities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Depletion Risk. MLPs and other energy companies engaged in the exploration, development, management, gathering or production of energy commodities face the risk that commodity reserves are depleted over time. Such companies seek to increase their reserves through expansion of their current businesses, acquisitions, further development of their existing sources of energy commodities or exploration of new sources of energy commodities or by entering into long-term contracts for additional reserves; however, there are risks associated with each of these potential strategies.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Environmental and Regulatory Risk. MLPs and other companies operating in the energy industry are subject to significant regulation of their operations by federal, state and local governmental agencies. Additionally, voluntary initiatives and mandatory controls have been adopted or are being studied and evaluated, both in the United States and worldwide, to address current potentially hazardous environmental issues, including hydraulic fracturing and related waste disposal and geological concerns, as well as those that may develop in the future.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Acquisition Risk. MLPs owned by the Fund may depend on their ability to make acquisitions that increase adjusted operating surplus per unit in order to increase distributions to unit holders.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Interest Rate Risk. Rising interest rates could increase the costs of capital thereby increasing operating costs and reducing the ability of MLPs and other companies operating in the energy industry to carry out acquisitions or expansions in a cost-effective manner. Rising interest rates may also impact the price of the securities of MLPs and other companies operating in the energy industry as the yields on alternative investments increase.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Extreme Weather Risk. Weather plays a role in the seasonality of some MLPs&rsquo; cash flows, and extreme weather conditions could adversely affect performance and cash flows of those MLPs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; Catastrophic Event Risk. MLPs and other companies operating in the energy industry are subject to many dangers inherent in the production, exploration, management, transportation, processing and distribution of natural gas, natural gas liquids, crude oil, refined petroleum and petroleum products and other hydrocarbons. Any occurrence of a catastrophic event, such as a terrorist attack, could bring about a limitation, suspension or discontinuation of the operations of MLPs and other companies operating in the energy industry.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Tax Risks.</b></i> Tax risks associated with investments in the Fund include but are not limited to the following:</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <u>Fund Structure Risk</u>. Unlike open-end mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes and unlike entities treated as partnerships for tax purposes, the Fund will be taxable as a regular corporation, or &ldquo;C&rdquo; corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the graduated tax rates applicable to corporations (currently a maximum rate of 35%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs. Fund income and losses will not be passed through to shareholders. The Fund&rsquo;s ability to meet its investment objective will depend largely on the amount of the distributions it receives from MLPs (in relation to the taxable income, gains, losses, and deductions allocated to it). The Fund will have no control over the distributions it receives, because the MLPs have the ability to modify their distribution policies from time to time without input from or the approval of the Fund. In addition, changes in tax laws, rates or regulations, or future interpretations of such laws or regulations, could adversely affect the Fund or the MLPs in which the Fund invests. Legislation could also negatively impact the amount and tax characterization of dividends received by the Fund&rsquo;s shareholders.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The Fund&rsquo;s dividend distribution policy is intended to provide monthly distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the MLPs in which it invests , without offset for the expenses of the Fund. The amount of the Fund&rsquo;s distributions is based on, among other considerations, distributions the Fund actually receives from portfolio investments, including returns of capital, and estimated future cash flows. Because the Fund&rsquo;s distribution policy takes into consideration estimated future cash flows from its underlying holdings, and to permit the Fund to maintain a stable distribution rate, the Fund&rsquo;s distributions may exceed, or be below the amount the Fund actually receives from its portfolio investments. Additionally, since the Fund&rsquo;s distribution rate is not derived from the Fund&rsquo;s investment income or loss, the Fund&rsquo;s distributions may not represent yield or investment return on the Fund&rsquo;s portfolio. To the extent that the distributions paid exceed the distributions the Fund has received, the distributions will reduce the Fund&rsquo;s net assets. Consequently, the Fund may maintain cash reserves, borrow or may be required to sell certain investments at times when it would not otherwise be desirable to do so in order to pay the expenses of the Fund. The Fund is not required to make such distributions and, as a result, the Fund could in the future decide not to make such distributions or not to make distributions at a rate that over time is similar to the distribution rate that it receives from the MLPs in which it invests. Furthermore, unlike the MLPs in which it invests, the Fund is not a pass through entity. Consequently, the tax characterization of the distributions paid by the Fund, as dividend income or return of capital, may differ greatly from those of the underlying MLPs.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">It is expected that all or substantially all of the distributions made by the Fund to shareholders may be classified as return of capital. A return of capital represents a return of a shareholder&rsquo;s original investment in Fund shares (net of fees thereon), and should not be confused with a dividend from earnings and profits. For the U.S. shareholder, return of capital is tax-deferred and reduces the shareholder&rsquo;s cost basis in the Fund. When the Fund shares are sold, if the result is a gain, it would then be taxable at the capital gains rate. Historically, the Fund&rsquo;s distributions have been considered return of capital. There is no guarantee that future distributions will maintain the same classification for tax purposes as past distributions.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <u>MLP Tax Risk</u>. A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax, excise tax or other form of tax on its taxable income. The classification of an MLP as a corporation or other form of taxable entity for U.S. federal income tax purposes could have the effect of reducing the amount of cash available for distribution by the MLP and could cause any such distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Thus, if any of the MLPs owned by the Fund were treated as corporations or other form of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced which could cause a material decrease in the net asset value per share (&ldquo;NAV&rdquo;) of the Fund&rsquo;s shares.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Historically, MLPs have been able to offset a significant portion of their taxable income with tax deductions, including depletion, depreciation and amortization expense deductions. The law could change to eliminate or reduce such tax deductions, which effectively shelter or defer taxable income recognized by the Fund. The elimination or reduction of such tax benefits could significantly reduce the value of the MLPs held by the Fund, which would similarly reduce the Fund&rsquo;s NAV, and could cause a greater portion of the income and gain allocated to the Fund to be subject to U.S. federal, state and local corporate income taxes, which would reduce the amount the Fund can distribute to shareholders and could increase the percentage of Fund distributions treated as dividends instead of tax advantaged return of capital.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Depreciation or other cost recovery deductions passed through to the Fund from investments in MLPs in a given year generally will reduce the Fund&rsquo;s taxable income (and earnings and profits), but those deductions may be recaptured in the Fund&rsquo;s taxable<b> </b>income (and earnings and profits) in subsequent years when the MLPs dispose of their assets or when the Fund disposes of its interests in the MLPs. When deductions are recaptured, distributions to the Fund&rsquo;s shareholders may be taxable,<b> </b>even though the shareholders at the time of the distribution might not have held shares in the Fund at the time the deductions were taken by the Fund, and even though the Fund&rsquo;s shareholders at the time of the distribution will not have corresponding economic gain on their shares at the time of the distribution.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">&bull; <u>Deferred Tax/Financial Reporting Risk</u>. In calculating the Fund&rsquo;s NAV in accordance with generally accepted accounting principles, the Fund will, among other things, account for its deferred tax liability and/or asset balances. The Fund will rely to some extent on information provided by MLPs, which is not necessarily timely, to estimate deferred tax asset and/or liability balance for purposes of financial statement reporting and determining its NAV. The daily estimate of the Fund&rsquo;s deferred tax liability and/or asset balances used to calculate the Fund&rsquo;s NAV could vary dramatically from the Fund&rsquo;s actual tax liability, and, as a result, the determination of the Fund&rsquo;s actual tax liability may have a material impact on the Fund&rsquo;s NAV. From time to time, the Fund will modify its estimates or assumptions regarding its deferred tax asset and/or liability as new information becomes available, which modifications in estimates or assumptions may have a material impact on the Fund&rsquo;s NAV.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The following example illustrates two hypothetical trading days of the Fund and demonstrates the effect of deferred tax calculations on the change in the Fund&rsquo;s NAV, compared to the change in the prices of MLP securities held by the Fund. The example assumes a 37.0% deferred tax calculation (maximum corporate tax rate of 35% in effect for 2013 plus estimated state tax rate of 2.0%, net of federal benefit). They do not reflect the effect, if any, of the valuation allowances on deferred tax assets that management may deem appropriate.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Hypothetical Effect of Deferred Tax Calculation on
Performance-Down Market</b></p>
<table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif">NAV price change of Fund</font></td>
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt/115% Calibri, Helvetica, Sans-Serif"><font style="font-family: Times New Roman, Times, Serif">-1.26%</font></td></tr>
<tr style="vertical-align: top">
<td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">Price change of underlying MLPs in Fund</font></td>
<td style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Times New Roman, Times, Serif">-2.00%</font></td></tr>
</table>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</p>
<p style="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><b>Hypothetical Effect of Deferred Tax Calculation on
Performance-Up Market</b></p>
<table cellspacing="0" cellpadding="0" style="width: 50%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">NAV price change of Fund</font></td>
<td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">1.26%</font></td></tr>
<tr style="vertical-align: top">
<td style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">Price change of underlying MLPs in Fund</font></td>
<td style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><font style="font-family: Times New Roman, Times, Serif">2.00%</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">Actual income tax expense, if any, will be incurred over many years, depending upon whether and when investment gains and losses are realized, the then-current basis of the Fund&rsquo;s assets and other factors. Upon the sale of an MLP security, the Fund will be liable for previously deferred taxes, if any. As a result, the Fund&rsquo;s actual tax liability could have a material effect on the Fund&rsquo;s NAV.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Liquidity Risk.</b></i> MLP common units and equity securities of MLP affiliates, including I-Shares, often trade on national securities exchanges. However, certain securities, including those of issuers with smaller capitalizations, may trade less frequently. The market movements of such securities with limited trading volumes may be more abrupt or erratic than those with higher trading volumes. As a result of the limited liquidity of such securities, the Fund could have greater difficulty selling such securities at the time and price that the Fund would like and may be limited in its ability to make alternative investments. This may also adversely affect the Fund&rsquo;s ability to remit dividend payments to shareholders. The Fund may not purchase or hold securities that are illiquid or are otherwise not readily marketable if, in the aggregate, more than 15% of its net assets would be invested in illiquid securities.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>General Market Risk.</b> </i>An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Management Risk. </b></i>The Fund has an actively managed portfolio. The Sub-Advisor applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Issuer Risk.</b> </i>The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer&rsquo;s products or services.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Equity Securities Risk.</b></i> MLP units and other equity securities held by the Fund can be affected by general market or economic conditions, perceptions regarding the industries in which the issuers of securities held by the Fund participate, changes in interest rates, and the particular circumstances and performance of particular companies whose securities the Fund holds.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Non-Diversification Risk.</b></i> The Fund is classified as &ldquo;non-diversified&rdquo;, which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Small Capitalization Risk.</b></i> Small capitalization companies often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent upon one or a few key people. The market movements of equity securities issued by MLPs with smaller capitalizations may be more abrupt or erratic than the market movements of equity securities of larger, more established companies or the stock market in general. Historically, smaller capitalization companies have sometimes gone through extended periods when they did not perform as well as larger companies. In addition, equity securities of smaller capitalization companies generally are less liquid than those of larger companies. This means that the Fund could have greater difficulty selling such securities at the time and price than the Fund would like.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><i><b>Cash Flow Risk.</b></i> The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by an MLP depends upon the amount of cash generated by such entity&rsquo;s operations. Cash available for distribution by MLPs may vary widely from quarter to quarter and will be affected by various factors affecting the entity&rsquo;s operations.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><u><b>Performance</b></u></p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund&rsquo;s performance from year to year for Class A shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund&rsquo;s website, www.cccmlpfocusfund.com, or by calling the Fund at (877) 766-0066.<b> </b>The Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&rsquo;s tax situation and may differ from those shown. After&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. This Fund is a multiple class fund that offers more than one class in this prospectus; After-tax returns are shown for Class A Shares only and after-tax returns for classes other than Class A will vary from the returns shown for Class A.</p><div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/BarChartData column dei_LegalEntityAxis compact ccmlp_S000030789Member ~ </div>0.10890.00570.1847<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td colspan="3" style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font-size: 11pt"><b>Class A Shares</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: gainsboro">
<td style="width: 58%; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font-size: 11pt">Highest Calendar Quarter Return at NAV</font></td>
<td style="width: 14%; border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font-size: 11pt">13.37%</font></td>
<td style="width: 28%; border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font-size: 11pt">Quarter Ended 3/31/13</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-bottom: black 1.5pt solid; padding: 1.5pt"><font style="font-size: 11pt">Lowest Calendar Quarter Return at NAV</font></td>
<td style="border-bottom: black 1.5pt solid; padding: 1.5pt; text-align: center"><font style="font-size: 11pt">(2.65)%</font></td>
<td style="border-bottom: black 1.5pt solid; padding: 1.5pt; font-size: 12pt"><font style="font-size: 11pt">Quarter Ended 12/31/12</font><font style="font-size: 8pt">&nbsp;</font></td></tr>
</table><p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0pt; text-align:left"><b>Average Annual Total Returns (<i>for the Periods Ended December 31, 2013)</i></b></p><div style="display: none;"> ~ http://xbrl.sec.gov/rr/role/PerformanceTableData row primary compact * column dei_LegalEntityAxis compact ccmlp_S000030789Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * ~</div>0.1170.07582010-12-310.1170.07582010-12-310.06620.05862010-12-310.16560.08792010-12-310.18760.09862010-12-310.32390.16182010-12-31CCCAXCCCCXCCCNXYou may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in A Shares of the Fund.500002015-03-310.09The Fund will concentrate (i.e., invest more than 25% of its net assets) in securities of companies in the energy industry, and the Fund intends to make the majority of its investments in &ldquo;midstream&rdquo; MLPs. Midstream MLPs are generally engaged in the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of natural gas, natural gas liquids, crude oil, refined products or coal. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money.
Non-Diversification Risk. The Fund is classified as &ldquo;non-diversified&rdquo;, which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund&rsquo;s performance from year to year for Class A shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of a broad-based market index.(877) 766-0066www.cccmlpfocusfund.comThe Fund&rsquo;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.Sales loads are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.Highest Calendar Quarter Return at NAV2013-03-310.1337Lowest Calendar Quarter Return at NAV2012-12-31-0.0265After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.After&ndash;tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.This Fund is a multiple class fund that offers more than one class in this prospectus; After-tax returns are shown for Class A Shares only and after-tax returns for classes other than Class A will vary from the returns shown for Class A.2014-04-012014-03-282014-04-012013-11-30No initial sales charge applies on investments of $1 million or more.No sales charge applies on investments of $1 million or more, but a contingent deferred sales charge ("CDSC") of 1.00% will be imposed on certain redemptions of such shares within 12 months of the date of purchase.No sales charge applies on investments, but a CDSC of 1.00% will be imposed on certain redemptions of shares within 12 months of the date of purchase. Deferred income tax expense represents an estimate of the Fund's potential tax expense if it were to recognize the unrealized gains in the portfolio, offset by the net tax effect of the investment loss of the Fund and the realized gains on investments. Additional information on the Fund's deferred income tax expense can be found in the section entitled "More About the Fund's Investment Objective, Principal Investment Strategies and Risks."
The Fund's advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding front end or contingent deferred sales load, taxes such as deferred income tax expenses, leverage interest, brokerage commissions, or extraordinary expenses) do not exceed 1.50%, 2.25% and 1.25% of average daily net assets of the A Shares, C Shares and Institutional Shares, respectively. This agreement is in effect until March 31, 2015, and it may be terminated before that date only by the Trust's Board of Trustees. The Fund's advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period of three years from the date of the waiver or payment.
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